Patterns Of Housing Mortgage-backed Securities

Mortgage-backed Securitization(MBS for short) is the focus of real estate finance field in recent years. In order to enlarge effective demands and boom national economy, our country must innovate the traditional real estate finance system.MBS is one of the most significant innovations in world finance field since these decades. Since the first MBS was issued in 1970, this innovation has been introduced into real estate finance field by many countries in succession and played an important role in booming national real estate and developing finance and economy. Thus, basing on reference of foreign practical experiences, and linking to our special national situation, this article does deep research on effect, feasibility, model, project, problem and countermeasures of applying MBS in China, as to introduce MBS into our country smoothly. This thesis consists of five chapters.Chapter I initially sets forth the conception and characteristic of MBS, and the development history of Asset Securitization.As to the application of Asset Securitization in china, this article studies how to choose suitable assets. The realistic significance of MBS to china is discussed in the last part of chapter.Chapter II mainly investigates the concrete operation of the model of MBS in American, Canada and UK, and concludes some valuable experiences and precepts as reference of introducing MBS in China smoothly. Moreover, this article investigates three model of applying MBS in China.Chapter III is the key part of the article. This chapter starts the present situation of personal housing mortgage credit in our country. After studying on the model of MBS in the other country and present situation and problems faced by our country, this article concludes the feasible model of applying MBS in China. This article further analyzes the feasibility of applying MBS in China.Chapter IV is the core of this article. After analyzing the feasibility of introducing MBS into Shenzhen, this article suggests the feasible model of applying MBS in Shenzhen, which includes the model of personal housing credit guaranty, the model of creating SPY, and credit enhancement way, etc. This chapter has detailed elaboration about MBS project and feasibility. MBS risk and how to avoid it is discussed in the last part of chapter.Chapter V makes deeply and detailed analysis of law, accounting and taxation problems during the application of MBS in China, and comes up with some plans and suggestions to solve them simultaneously.